NVIDIA Announces Financial Results for First Quarter
Fiscal 2025
Record quarterly revenue of $26.0 billion, up 18% from Q4 and up 262% from a year ago
Record quarterly Data Center revenue of $22.6 billion, up 23% from Q4 and up 427% from a year ago
Ten-for-one forward stock split effective June 7, 2024
Quarterly cash dividend raised 150% to $0.01 per share on a post-split basis
NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter ended April 28, 2024, of $26.0 billion, up 18% from theprevious quarter and up 262% from a year ago.
For the quarter, GAAP earnings per diluted share was $5.98, up 21% from the previous quarter and up 629% from a year
ago. Non-GAAP earnings per diluted share was $6.12, up 19% from the previous quarter and up 461% from a year ago.
“The next industrial revolution has begun — companies and countries are partnering with NVIDIA to shift the trillion-dollar
traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a newcommodity: artificial intelligence,” said Jensen Huang, founder and CEO of NVIDIA. “AI will bring significant productivity
gains to nearly every industry and help companies be more cost- and energy-efficient, while expanding revenue
opportunities.
“Our data center growth was fueled by strong and accelerating demand for generative AI training and inference on the
Hopper platform. Beyond cloud service providers, generative AI has expanded to consumer internet companies, andenterprise, sovereign AI, automotive and healthcare customers, creating multiple multibillion-dollar vertical markets.
“We are poised for our next wave of growth. The Blackwell platform is in full production and forms the foundation for trillionparameter-scale generative AI. Spectrum-X opens a brand-new market for us to bring large-scale AI to Ethernet-only data
centers. And NVIDIA NIM is our new software offering that delivers enterprise-grade, optimized generative AI to run on
CUDA everywhere — from the cloud to on-prem data centers and RTX AI PCs — through our expansive network of
ecosystem partners.”
NVIDIA also announced a ten-for-one forward stock split of NVIDIA’s issued common stock to make stock ownership moreaccessible to employees and investors. The split will be effected through an amendment to NVIDIA’s Restated Certificate ofIncorporation, which will result in a proportionate increase in the number of shares of authorized common stock. Each record
holder of common stock as of the close of market on Thursday, June 6, 2024, will receive nine additional shares of common
stock, to be distributed after the close of market on Friday, June 7, 2024. Trading is expected to commence on a splitadjusted basis at market open on Monday, June 10, 2024.
NVIDIA is increasing its quarterly cash dividend by 150% from $0.04 per share to $0.10 per share of common stock. The
increased dividend is equivalent to $0.01 per share on a post-split basis and will be paid on Friday, June 28, 2024, to allshareholders of record on Tuesday, June 11, 2024.
Q1 Fiscal 2025 Summary
GAAP($ in millions, except earnings
per share)

Q1 FY25

Q4 FY24Q1 FY24

Q/Q

Y/Y

Revenue$26,044$22,103$7,192Up 18%Up 262%Gross margin

78.4%

76.0%

64.6% Up 2.4 pts

Up 13.8
pts

Operating expenses$3,497$3,176$2,508Up 10%Up 39%

Operating income$16,909$13,615$2,140Up 24%Up 690%Net income$14,881$12,285$2,043Up 21%Up 628%

$5.98

$4.93

$0.82

Up 21%Up 629%Diluted earnings per shareNon-GAAP($ in millions, except earnings
per share)

Q1 FY25

Q4 FY24Q1 FY24

Q/Q

Y/Y$26,044$22,103$7,192Up 18%Up 262%Gross margin

78.9%

76.7%

66.8% Up 2.2 pts

Up 12.1
pts

Operating expenses$2,501$2,210$1,750Up 13%Up 43%

Operating income$18,059$14,749$3,052Up 22%Up 492%

Net income$15,238$12,839$2,713Up 19%Up 462%

$6.12

$5.16

$1.09

Up 19%Up 461%

Revenue

Diluted earnings per share

Outlook
NVIDIA’s outlook for the second quarter of fiscal 2025 is as follows:
Revenue is expected to be $28.0 billion, plus or minus 2%.
GAAP and non-GAAP gross margins are expected to be 74.8% and 75.5%, respectively, plus or minus 50 basis points.
For the full year, gross margins are expected to be in the mid-70% range.
GAAP and non-GAAP operating expenses are expected to be approximately $4.0 billion and $2.8 billion, respectively.
Full-year operating expenses are expected to grow in the low-40% range.
GAAP and non-GAAP other income and expense are expected to be an income of approximately $300 million,
excluding gains and losses from non-affiliated investments.
GAAP and non-GAAP tax rates are expected to be 17%, plus or minus 1%, excluding any discrete items.
Highlights
NVIDIA achieved progress since its previous earnings announcement in these areas:
Data CenterFirst-quarter revenue was a record $22.6 billion, up 23% from the previous quarter and up 427% from a year ago.
Unveiled the NVIDIA Blackwell platform to fuel a new era of AI computing at trillion-parameter scale and the Blackwellpowered DGX SuperPOD™ for generative AI supercomputing.
Announced NVIDIA Quantum and NVIDIA Spectrum™ X800 series switches for InfiniBand and Ethernet, respectively,
optimized for trillion-parameter GPU computing and AI infrastructure.
Launched NVIDIA AI Enterprise 5.0 with NVIDIA NIM inference microservices to speed enterprise app development.
Announced TSMC and Synopsys are going into production with NVIDIA cuLitho to accelerate computationallithography, the semiconductor manufacturing industry’s most compute-intensive workload.
Announced that nine new supercomputers worldwide are using Grace Hopper Superchips to ignite new era of AI
supercomputing.
Unveiled that Grace Hopper Superchips power the top three machines on the Green500 list of the world’s most energyefficient supercomputers.
Expanded collaborations with AWS, Google Cloud, Microsoft and Oracle to advance generative AI innovation.
Worked with Johnson & Johnson MedTech to bring AI capabilities to support surgery.
Gaming and AI PCFirst-quarter Gaming revenue was $2.6 billion, down 8% from the previous quarter and up 18% from a year ago.
Introduced new AI gaming technologies at GDC for NVIDIA ACE and Neural Graphics.
Unveiled new AI performance optimizations and integrations for Windows to deliver maximum performance on NVIDIA
GeForce RTX AI PCs and workstations.
Announced more blockbuster games that will incorporate RTX technology, including Star Wars Outlaws and Black
Myth Wukong.
Added support for new models, including Google’s Gemma, for ChatRTX, which brings chatbot capabilities to RTXpowered Windows PCs and workstations.
Professional Visualization

First-quarter revenue was $427 million, down 8% from the previous quarter and up 45% from a year ago.
Introduced NVIDIA RTX™ 500 and 1000 professional Ada generation laptop GPUs for AI-enhanced workflows.
Unveiled NVIDIA RTX A400 and A1000 GPUs for desktop workstations, based on the NVIDIA Ampere architecture, tobring AI to design and productivity workflows.
Introduced NVIDIA Omniverse™ Cloud APIs to power industrial digital twin software tools, including an expanded
Siemens partnership, and a new framework for the Apple Vision Pro.
Announced the adoption of the new Earth-2 cloud APIs by The Weather Company and the Central Weather
Administration of Taiwan for high-resolution global climate simulations.
Automotive and Robotics
First-quarter Automotive revenue was $329 million, up 17% from the previous quarter and up 11% from a year ago.
Announced BYD, XPENG, GAC’s AION Hyper, Nuro and others have chosen the next-generation NVIDIA DRIVE
Thor™ platform, which now features Blackwell GPU architecture, to power their next-generation consumer andcommercial electric vehicle fleets.
Revealed U.S. and China electric vehicle makers Lucid and IM Motors are using the NVIDIA DRIVE Orin™ platform forvehicle models targeting the European market.
Announced an array of partners are using NVIDIA generative AI technologies to transform in-vehicle experiences.
Introduced the Project GR00T foundation model for humanoid robots and major Isaac robotics platform updates.
CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available athttps://investor.nvidia.com.
Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter fiscal 2025 financial results andcurrent financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of theconference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will berecorded and available for replay until NVIDIA’s conference call to discuss its financial results for its second quarter of fiscal
2025.
Non-GAAP Measures
To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company
uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP
gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP otherincome (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For
NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown areconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures
to exclude stock-based compensation expense, acquisition-related and other costs, other, gains and losses from nonaffiliated investments, interest expense related to amortization of debt discount, and the associated tax impact of these items
where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases
related to property and equipment and intangible assets and principal payments on property and equipment and intangible
assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of
the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is notmeant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP,and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

NVIDIA CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF INCOME(In millions, except per share data)(Unaudited)Three Months Ended

Revenue
Cost of revenue$

April 28,

April 30,

2024

2023

26,044
5,638

$

7,192
2,544

Gross profit

20,406

4,648

2,720

1,875

Sales, general and administrative

777

633

Total operating expenses

3,497

2,508

Operating Income

16,9092,140Interest income

359

150

Interest expense

(64)

(66)

Other, net

75

(15)

370

69

Income before income tax

17,2792,209

Income tax expense

2,398

166

Operating expenses
Research and development

Other income (expense), net

Net income$

14,881

$

2,043

Basic

$

6.04

$

0.83

Diluted

$

5.98

$

0.82

Net income per share:

Weighted average shares used in per share computation:
Basic

2,462

2,470

Diluted

2,489

2,490

NVIDIA CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(In millions)(Unaudited)

April 28,January 28,

2024

2024

ASSETS

Current assets:Cash, cash equivalents and marketable securities$

31,438$25,984

Accounts receivable, net

12,3659,999

Inventories

5,864

5,282

Prepaid expenses and other current assets

4,062

3,080

53,72944,345

Total current assets

Property and equipment, net

4,006

3,914

Operating lease assets

1,532

1,346

4,453

4,430

986

1,112

Deferred income tax assets

7,798

6,081

Other assets

4,568

4,500

Goodwill

Intangible assets, net

Total assets$

77,072$65,728

$

2,715

$

2,699

LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:
Accounts payable
Accrued and other current liabilities

11,258

6,682

Short-term debt

1,250

1,250

15,223

10,631Long-term debt

8,460

8,459

Long-term operating lease liabilities

1,281

1,119

Other long-term liabilities

2,966

2,541

Total liabilities

27,93022,750Shareholders' equity

49,142

42,978

Total current liabilities

Total liabilities and shareholders' equity$

77,072$65,728NVIDIA CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)Three Months Ended
April 28,

April 30,

2024

2023

Cash flows from operating activities:
Net income$

14,881$

2,043

Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense
Depreciation and amortization
Realized and unrealized (gains) losses on investments in non-affiliated entities, net
Deferred income taxes

1,011

735

410

384

(69)

14

(1,577)(1,135)Other

(145)

(34)

(2,366)(252)

Inventories

(577)

566

Prepaid expenses and other assets

(726)

(215)

Accounts payable

(22)

11

4,202

689

323

105

15,345

2,911

4,004

2,512

149

-

(9,303)(2,801)

Purchase related to property and equipment and intangible assets

(369)

(248)

Acquisitions, net of cash acquired

(39)

(83)

Investments in non-affiliated entities

(135)

(221)

Net cash used in investing activities(5,693)

(841)

285

246

Payments related to repurchases of common stock(7,740)-

Payments related to tax on restricted stock units(1,752)(507)

Dividends paid

(98)

(99)

Principal payments on property and equipment and intangible assets

(40)

(20)

Net cash used in financing activities(9,345)(380)

Change in cash and cash equivalents

307

1,690

7,280

3,389

Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable

Accrued and other current liabilities
Other long-term liabilities
Net cash provided by operating activities
Cash flows from investing activities:
Proceeds from maturities of marketable securities
Proceeds from sales of marketable securities
Purchases of marketable securities

Cash flows from financing activities:
Proceeds related to employee stock plans

Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

$

7,587

$

5,079

NVIDIA CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(In millions, except per share data)(Unaudited)Three Months Ended

GAAP gross profit
GAAP gross margin$

April 28,January 28,

April 30,

2024

2024

2023

20,406$

16,791

$

4,648

78.4%

76.0%

64.6%

Acquisition-related and other costs (A)

119

119

119

Stock-based compensation expense (B)

36

45

27

Other (C)Non-GAAP gross profit(1)$

Non-GAAP gross margin

GAAP operating expenses

20,560

4
$

78.9%

$

3,497

16,959

8
$

76.7%

$

3,176

4,802
66.8%

$

2,508

Stock-based compensation expense (B)

(975)

(948)

(708)

Acquisition-related and other costs (A)

(21)

(18)

(54)

-

-

4

Other (C)
Non-GAAP operating expenses

$

2,501

$

2,210

$

1,750

GAAP operating income$

16,909$13,615$

2,140

Total impact of non-GAAP adjustments to operating income

1,150

1,134

912

Non-GAAP operating income$

18,059$14,749$3,052

GAAP other income (expense), net

$

370

$

491

$

69

(Gains) losses from non-affiliated investments
Interest expense related to amortization of debt discount

(69)

(260)

14

1

1

1

Non-GAAP other income (expense), net

$

302

$

232

$

84

GAAP net income$

14,881$

12,285$

2,043

Total pre-tax impact of non-GAAP adjustments
Income tax impact of non-GAAP adjustments (D)Non-GAAP net income

1,082

875

927

(725)

(321)

(257)

$

15,238$

12,839

$

2,713

GAAP

$

5.98

$

4.93

$

0.82

Non-GAAP

$

6.12

$

5.16

$

1.09

Diluted net income per share

Weighted average shares used in diluted net income pershare computation

GAAP net cash provided by operating activities

2,489

$

15,3452,490$

11,499

2,490

$

2,911

Purchases related to property and equipment and intangible
assets

(369)

(253)

(248)

Principal payments on property and equipment andintangible assets

(40)

(29)

(20)

Free cash flow$

14,936$

11,217$2,643(A) Acquisition-related and other costs are comprised of amortization of intangible assets and transaction costs, and areincluded in the following line items:
Three Months EndedApril 28,

January 28,

April 30,

2024

2024

2023

Cost of revenue

$

119

$

119

$

119

Research and development

$

12

$

12

$

12

Sales, general and administrative

$

8

$

6

$

42

(B) Stock-based compensation consists of the following:Three Months Ended

April 28,January 28,

April 30,

2024

2024

2023

Cost of revenue

$

36

$

45

$

27

Research and development

$

727

$

706

$

524

Sales, general and administrative

$

248

$

242

$

184

(C) Other consists of IP-related costs and assets held for sale
related adjustments.

(D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related
to stock-based compensation under GAAP accounting standard (ASU 2016-09).

NVIDIA CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP OUTLOOKQ2 FY2025
Outlook($ in millions)

GAAP gross margin74.8%

Impact of stock-based compensation expense, acquisition-related costs, and other costs

0.7%

Non-GAAP gross margin

GAAP operating expenses

75.5%

$

Stock-based compensation expense, acquisition-related costs, and other costs
Non-GAAP operating expenses

3,950(1,150)$2,800About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.
Certain statements in this press release including, but not limited to, statements as to: companies and countries building AI
factories with NVIDIA accelerated computing to produce artificial intelligence; accelerating demand for generative AI training
and inference on the Hopper platform; the expanding reach of generative AI; generative AI expanding to consumer internetcompanies, and enterprise, sovereign AI, automotive, and healthcare customers, creating multiple multibillion-dollar verticalmarkets; NVIDIA being poised for the next wave of growth; the Blackwell platform in full production and forming thefoundation for trillion-parameter-scale generative AI; Spectrum-X opening a brand-new market for NVIDIA to bring largescale AI to Ethernet-only data centers; NVIDIA NIM as NVIDIA’s new software offering that delivers enterprise-grade,
optimized generative AI run on CUDA everywhere — from the cloud, to on-prem data centers and RTX AI PCs — through
NVIDIA’s expansive network of ecosystem partners; NVIDIA's forward stock split; NVIDIA’s next quarterly cash dividend;gross margins being in the mid-70% range for the full year; full-year operating expenses growing in the low-40% range; andNVIDIA’s financial outlook and expected tax rates for the second quarter of fiscal 2025 are forward-looking statements thatare subject to risks and uncertainties that could cause results to be materially different than expectations. Important factorsthat could cause actual results to differ materially include: global economic conditions; our reliance on third parties tomanufacture, assemble, package and test our products; the impact of technological development and competition;
development of new products and technologies or enhancements to our existing product and technologies; market
acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer
preferences or demands; changes in industry standards and interfaces; and unexpected loss of performance of our products
or technologies when integrated into systems, as well as other factors detailed from time to time in the most recent reports
NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form
10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and areavailable from NVIDIA without charge. These forward-looking statements are not guarantees of future performance andspeak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forwardlooking statements to reflect future events or circumstances.
© 2024 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce NOW, NVIDIA DGX SuperPOD, NVIDIA
DRIVE, NVIDIA DRIVE Orin, NVIDIA DRIVE Thor, NVIDIA RTX and NVIDIA Spectrum are trademarks and/or registeredtrademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarksof the respective companies with which they are associated. Features, pricing, availability and specifications are subject tochange without notice.
Simona Jankowski
Investor Relations
sjankowski@nvidia.com
Mylene Mangalindan
NVIDIAmmangalindan@nvidia.com